Fundstrat’s Tom Lee says markets are getting a boost from $6 trillion that’s been sitting on the sidelines. In a new interview on CNBC’s Squawk Box, Lee says that the massive amounts of liquidity at the ready may now be more relevant for determining whether markets remain in an uptrend than macroeconomic data. “We’ve kind […]
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Bitfinex’s analysts expect bitcoin’s price to potentially drop to the low $50,000s or mid $40,000s if the Federal Reserve cuts interest rates this month. The “historical price action for September also aligns with our view of a projected 20 percent drop in bitcoin prices following a rate cut,” the Bitfinex analysts said. Bitfinex Predicts Bitcoin […]
Framework Ventures co-founder Vance Spencer sees AI as being the missing piece for DAOs and shared his outlook for the tokenization of AI models.
Artificial intelligence could be the missing piece for decentralized autonomous organizations (DAOs), while trained AI models could become valuable assets on-chain, according to the co-founder of Framework Ventures.
Speaking to Cointelegraph on Sept. 5 at Korea Blockchain Week, Vance Spencer, the co-founder of the crypto-focused venture firm, shared four predictions about how AI and blockchain technology could collide.
One of the biggest impacts is for AI to finally put the “autonomous” into decentralized autonomous organizations, according to Spencer.
DAOs were founded on the concept of a decentralized collective sharing a common goal, with no overarching central authority. However, many of the biggest are still far from full decentralization or autonomy.
“It's not actually autonomous, there’s a bunch of people in the middle. It seems like AI is really the only way to actually make the DAO concept work.”
In May, DAI stablecoin proprietor MakerDAO published a five-phase roadmap to upgrade its ecosystem including a strong focus on using AI to create a “governance equilibrium.”
5 phases of Endgame.
— Maker (@MakerDAO) May 12, 2023
Endgame has been defined as an update that employs AI tools and open processes to enhance efficiency, resilience, and participation.
A new publication on the Maker Forum outlines its roadmap, which includes the introduction of 5 major launch phases. pic.twitter.com/8GOkIfFADi
According to MakerDAO co-founder Rune Christensen, phase three of the roadmap will launch AI tools aimed at improving and possibly automating certain governance aspects.
Christensen added these AI tools will initially help “level the playing field between deeply embedded insiders and more peripheral community members,” but eventually allow the DAO to improve its processes and decisions over time “without requiring leadership or centralized authority.
“What happens when Maker, who has a shitload of treasury, is governed by an AI?” Spencer queried.
“That AI can do really interesting things and there needs to be only limited human intervention with that,” he added.
Spencer also sees a future in which trained AI models are tokenized on the blockchain.
He said an early example can be seen in the Ethereum native decentralized app and game — AI Arena — where players train an AI model to fight for them in a platform fighting game akin to Nintendo’s Super Smash Bros.
Framework invested in AI Arena's $5 million Paradigm-led seed round in 2021.
Spencer explained that in AI Arena, the players don’t control the fighters themselves but instead, the characters are controlled by AI models that are owned and trained by the player.
Here are some of the fight highlights from our Exclusive Access!
— AI ARENA | ʌı (@aiarena_) August 26, 2023
JamesRic vs Hung0 pic.twitter.com/pXJsxAJbXo
He noted that while it shifts the paradigm of what a game is, the on-chain ownership of AI models is “really where this comes to life in the crypto context.”
“Probably some of the most valuable assets on-chain will be tokenized AI models, that’s my theory at least,” Spencer said.
Meanwhile, decentralized computing marketplaces — such as Akash Network and Render Network — could also see crypto play a part in the growth of AI.
The blockchain-based protocols work as a marketplace that allows buyers to purchase idle computing processing power from providers, which is particularly important given the current shortage of GPU chips, explained Spencer.
Related: Cathie Wood bullish on Bitcoin and AI convergence
“Actually having a network that sources and provides and bootstraps the market? Those things should work,” he said. “There are some pretty successful companies that do it that are protocols.”
Spencer also argued that blockchain technology will be important for auditing and verifying AI-provided information.
in the not too distant future, something that hasn't been validated via a blockchain will be irrelevant
— Brandon Potts (@b_potts23) August 23, 2023
"show me the data" will become "show me the proof that this data is accurate"
“Say that you want to prove that ChatGPT, that specific model, is giving you an answer rather than Bard, rather than Falcon, which is UAE’s model," Spencer explained. "You can actually prove that on-chain.”
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Bank of Russia raised its forecast for the profits of Russian banks in 2023, expecting results that may break the 2021 record. This year’s high numbers are coming after 2022 became the worst annual period in seven years for the sanctioned Russian banking sector in terms of financial outcome. Banks in Russian Federation Headed for […]
BitMEX co-founder Arthur Hayes says he’s preparing for a massive Bitcoin and crypto rally as the Biden Administration fights to contain contagion from spreading through the American banking system. In a series of tweets, Hayes says he believes the Federal Reserve will be forced to completely stop its rate hikes and begin to inject money […]
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Silver prices have been hovering just below the $21 per troy ounce mark over the last 24 hours, after jumping above the $24 range in mid-January. While long-term and modest forecasts expect silver to hit $30 by 2025 and $40 by 2027, Keith Neumeyer, CEO of First Majestic Silver, thinks medium to long-term, silver could […]
February has been a rollercoaster ride for cryptocurrency traders, with market volatility leading to high levels of price uncertainty. Following a strong start to the month, bitcoin prices have since plunged, resulting in a current bear run. However, with just over two weeks left of this short month, what else could be in store for […]
Bloomberg Intelligence has released its official crypto outlook for the month of February, citing massive mainstream adoption of Polygon (MATIC) and forecasting the future of Ethereum’s performance relative to Bitcoin. The new report covers the rise of Polygon, which is a layer-2 network designed to power crypto projects and scale Ethereum transactions. “Of the entire […]
The post Bloomberg Unveils Crypto Outlook – Highlights Explosive Polygon (MATIC) Adoption, Forecasts Ethereum Will Outperform Bitcoin appeared first on The Daily Hodl.
A hedge fund titan is issuing a remarkably dire warning on the fate of the global economy, according to a new report. Elliott Management says the world is currently on the road to hyperinflation, which could trigger “global societal collapse and civil or international strife”, reports the Financial Times. The $56 billion asset manager points […]
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The American venture capitalist and founder of Draper Fisher Jurvetson (DFJ), Tim Draper, is still confident his bitcoin prediction that says the crypto asset will tap $250K per unit. Draper said in April 2018, at the Draper University blockchain party, that he predicted: “$250K by 2022.” At this year’s Web Summit 2022 event, Draper said […]